Press Corporation Plc. posts K15.9 bn profits in H1
Press Corp plc H1 fruitful-Picture by Press Corp.
Press Corporation Plc’s half year profit has jumped by 24% to K15.9 billion, despite its telecommunication segment being hit by foreign exchange losses.
The Malawi Stock Exchange listed firm’s published financial results are partly attributing the performance to the sale of its retail business–PTC whose losses are no longer part of the group.
Among its subsidiaries, National Bank of Malawi Plc was the only outstanding performer –registering 78% growth in its profit after tax to K22.7 billion.
Its telecommunications business registered a 168% decrease in profit as both MTL and TNM suffered exchange rate losses of K2.2billion due to the May devaluation.
PressCane and EthCo registered a 56% drop in profitability from prior period due to production start-up timing differences.
Maldeco was among the loss making subsidiaries.
Looking ahead, the Group’s board chairperson Randson Mwadiwa hints on investing in a 50 megawats solar power generation to diversify its investments towards energy sector.
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